AppTech Payments Corp. CEO and CFO Changes
Rhea-AI Summary
AppTech Payments Corp. (NASDAQ: APCX) announced significant leadership changes effective December 24, 2024. Luke D'Angelo has resigned as CEO and Executive Director but will continue as Chairman of the Board. Thomas DeRosa, who has served as Executive Director of Product & Project Management since August 2023, has been appointed Interim CEO. DeRosa brings over 40 years of experience in technology leadership.
Additionally, Meilin Yu's employment as Chief Financial Officer and Treasurer has ended. The company has appointed Felipe A. Corrado IV, who has served in various financial roles at AppTech for about 3 years, as the new CFO and Treasurer. Corrado brings over two decades of experience in financial leadership roles.
Positive
- Appointment of experienced Thomas DeRosa as Interim CEO with 40+ years of technology leadership experience
- New CFO Felipe Corrado brings 20+ years of financial leadership experience
- Former CEO maintains continuity by staying as Board Chairman
Negative
- Sudden departure of both CEO and CFO on the same day may indicate internal instability
- Interim nature of CEO appointment creates leadership uncertainty
News Market Reaction 1 Alert
On the day this news was published, APCX declined 11.72%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CARLSBAD, Calif., Dec. 30, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (“AppTech or the “Company”) (NASDAQ: APCX) announced today that it has accepted the resignation of Luke D’Angelo, as the Company’s Chief Executive Officer and Executive Director effective December 24, 2024. Mr. D’Angelo will continue his employment as Chairman of the Company’s Board of Directors. The Company has appointed Thomas DeRosa to serve as Interim CEO.
“As I step down from my CEO and Executive Director roles, I am filled with immense pride for all we’ve accomplished together. It has truly been an honor to lead this incredible Company, and I’m grateful to have had the opportunity to work alongside such a talented and dedicated team. While transitioning from the CEO and Executive Director roles, I am excited to continue contributing to the company’s success in a new capacity. I remain fully committed to supporting our leadership and working together toward a bright future” - Luke D’Angelo.
Mr. DeRosa has served as Executive Director of Product & Project Management since August 2023, bringing over 40 years of experience in building and leading technology teams, with a distinguished track record as a CEO driving successful launches, turnarounds, and business transformations. At AppTech, he has played a key role in acquisitions, restructuring core teams, and ensuring financial alignment while consistently delivering strategic vision and operational excellence through his expertise in technology and leadership.
On December 24, 2024, Meilin Yu’s “Julia Yu” employment with and service as Chief Financial Officer and Treasurer of AppTech Payments Corp. ended.
On December 24, 2024, the Company’s Board of Directors appointed Felipe A. Corrado IV to serve as Chief Financial Officer and Treasurer of the Company. Mr. Corrado will serve as the Company’s principal financial officer in this capacity.
Mr. Corrado has served the Company in various financial roles for about 3 years. He brings over two decades of experience as CFO, management consultant, practicing CPA, and auditor.
Additional information will be provided in the Company's Form 8-K, which was filed with the Securities and Exchange Commission today.
About AppTech Payments Corp.
AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit apptechcorp.com.
Forward-Looking Statements
This press release may contain forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
AppTech Payments Corp.
760-707-5959
info@apptechcorp.com
FAQ
Who is the new interim CEO of AppTech Payments (APCX) as of December 24, 2024?
Why did Luke D'Angelo step down as CEO of APCX?
Who replaced Meilin Yu as CFO of AppTech Payments (APCX)?
When did the leadership changes at APCX take effect?
What is Thomas DeRosa's background before becoming APCX's interim CEO?
